ORLANDO, Fla., Aug. 8, 2023 /PRNewswire/ -- NNN REIT, Inc.
(NYSE: NNN) (the "Company"), a real estate investment trust, today
announced that it has priced its public offering of $500,000,000 of 5.600% senior unsecured notes due
2033 (the "notes"). The notes were offered at 97.676% of the
principal amount with a yield to maturity of 5.905%. Interest
on the notes will be payable semi-annually on April 15 and October
15 of each year, commencing on April
15, 2024. The notes mature on October 15, 2033. The offering is expected to
close on or about August 15, 2023,
subject to customary closing conditions. BofA Securities, Inc.,
Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Morgan
Stanley & Co. LLC, U.S. Bancorp Investments, Inc., PNC Capital
Markets LLC, RBC Capital Markets, LLC, TD Securities (USA) LLC, and Truist Securities, Inc. are
acting as joint book running-managers and Capital One Securities,
Inc., Raymond James &
Associates, Inc., and Stifel, Nicolaus & Company, Incorporated
are acting as senior co-managers for the offering. The Company
intends to use the net proceeds from the offering of the notes to
repay all of the outstanding indebtedness under its credit
facility, to fund future property acquisitions and for general
corporate purposes.
The offering is being made only by means of a prospectus
supplement and accompanying prospectus, which are part of an
effective shelf registration statement the Company filed with the
Securities and Exchange Commission ("SEC"). You may obtain
copies of these documents for free by visiting EDGAR on the SEC's
website at www.sec.gov. Alternatively, copies of these
documents, when available, may be obtained by contacting BofA
Securities, Inc., 201 North Tryon Street, NC1-022-02-25,
Charlotte, NC 28255-0001, Attn:
Prospectus Department, by telephone: 1-800-294-1322 or by email at
dg.prospectus_requests@bofa.com; Wells Fargo Securities, LLC, 608
2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer
Service, by email wfscustomerservice@wellsfargo.com, or by calling
toll-free at 1-800-645-3751; Citigroup Global Markets Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, by telephone:
1-800-831-9146 or by email: prospectus@citi.com; Morgan Stanley
& Co. LLC, 1585 Broadway, 6th Floor, New York, New York 10036, by telephone:
1-866-718-1649 or by email: prospectus@morganstanley.com; U.S.
Bancorp Investments, Inc., by telephone: 1-877-558-2607. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy any securities nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
NNN REIT invests primarily in high-quality retail properties
subject generally to long-term, net leases. As of June 30, 2023, the Company owned 3,479 properties
in 49 states with a gross leasable area of approximately 35.5
million square feet and with a weighted average remaining lease
term of 10.2 years.
Statements in this press release that are not strictly
historical are "forward-looking" statements. These statements
generally are characterized by the use of terms such as "believe,"
""expect," "in position," "intend," "may," "estimated," or other
similar words or expressions. Forward-looking statements involve
known and unknown risks, which may cause the Company's actual
future results to differ materially from expected results. For
example, the fact that this offering has priced may imply that this
offering will close, but the closing is subject to conditions
customary in transactions of this type and may be delayed or may
not occur at all. No assurance can be given that the offering
discussed above will be completed on the terms described or at all
or that the net proceeds of this offering will be used as
described. Completion of this offering on the terms described, and
the application of the net proceeds of this offering, are subject
to numerous possible events, factors and conditions, many of which
are beyond the control of the Company or are unknown to it. Other
risks include, among others, general economic conditions, including
inflation, local real estate conditions, changes in interest rates,
increases in operating costs, the preferences and financial
condition of the Company's tenants, the availability of capital,
risks related to the Company's status as a REIT, and the potential
impacts of an epidemic or pandemic (such as the outbreak and
worldwide spread of a novel strain of coronavirus, and its
variants) on the Company's business operations, financial results,
and financial position on the world economy. Additional information
concerning these and other factors that could cause actual results
to differ materially from these forward-looking statements is
contained from time to time in the Company's SEC filings,
including, but not limited to, the Company's (i) Annual Report on
Form 10-K for the year ended December 31,
2022 and (ii) Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2023 and
June 30, 2023. Copies of each filing
may be obtained from the Company or SEC. Such forward-looking
statements should be regarded solely as reflections of the
Company's current operating plans and estimates. Actual results may
differ materially from what is expressed or forecast in this press
release. NNN REIT, Inc. undertakes no obligation to publicly
release the results of any revisions to these forward-looking
statements that may be made to reflect events or circumstances
after the date these statements were made.
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SOURCE NNN REIT, Inc.